Remittances to Honduras Hit $1 Billion Mark for 2007

TEGUCIGALPA – Hondurans living abroad, mainly in the United States, have sent some $1 billion to relatives back home so far this year, a high-level official said.

Honduran Central Bank chief Gabriela Núñez said the figure is up by some $128 million compared to this time last year, but “the growth rate” of remittances this year was running at 13%, down from the 30% level registered in 2006.

The Central Bank head said remittances are expected to total nearly $3 billion this year, with overall growth tied to the performance of the U.S. construction industry, which provides employment for many immigrants and has been weak in the wake of the collapse of the housing bubble.

In 2006, Hondurans received $2.35 billion from relatives living abroad, more than 25% of the country’s gross domestic product, Núñez said in a report earlier this year.